Technical Analysis: Nasdaq Still Stymied

It’s hard to get excited about this rally so far. The Nasdaq (first chart below) so far has been rising on falling volume and remains stymied below 1973 resistance. If the index can take out 1973 on rising volume, it may be onto something. 1938-1948 should be strong support; so far it has held, so we’ll give the bulls some points there. The S&P (second chart) faces resistance at 1125-1126, and strong resistance at 1129. Support is 1118, 1113-1115, 1110 and 1107. The Dow (third chart) faces resistance at 10,333, 1350 and 10,370-10,400, and support is 10,250-10,270 and 10,217. One plus for the bulls was decent put activity today.

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